Chart EUR/GBP Update: Choppy in range - daily studies leaning lower
Prices have drifted lower to support at 0.8435
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | break level | S1 | 0.8435 | break level | ||
| R3 | 0.8475 | * | GBP/EUR 1.1800 | S2 | 0.8400/03 | cong; GBP/EUR 1.1900 | ||
| R2 | 0.8464 | * | 11 Sep (m) high | S3 | 0.8350 | ** | congestion | |
| R1 | 0.8450 | * | congestion | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
09:40 GMT - Prices have drifted lower to support at 0.8435, where volatile EUR-driven trade has prompted a sharp bounce back to 0.8450. Oversold intraday studies are unwinding, suggesting potential for a renewed test above here. But deteriorating daily readings are expected to limit initial scope in selling interest beneath 0.8475, (GBP/EUR 1.1800). Following choppy trade, lower levels are looked for. A break back below 0.8435 will open up 0.8400/03. However, rising weekly charts should limit any initial tests in consolidation/buying interest. Meanwhile, a close above 0.8475, if seen, would improve sentiment once again and extend December gains towards resistance at 0.8500.